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Paperchase’s remaining 106 stores will be closing, The Times has reported, after its administrators failed to find a buyer for the retailer’s remaining assets.
The news of the closures, which will result in 900 redundancies, comes as Tesco purchased the stationery retailer’s brand and IP out of administration earlier this month.
While its online store stopped trading on Friday 17 February, the last brick-and-mortar stores will continue to trade in the short term with up to 50% off while stocks last.
According to Begbies Traynor, Paperchase’s administrator, it was “not anticipated that there will be any further material sale of all or part of the remaining business”.
What is more, The Times also reported that the retailer’s unsecured creditors have been saddled with a £20m bill from its first time in administration back in January 2021 after the business collapsed for the second time last month.
